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Top State for Business: Let’s Give Credit Where It’s Due

| Economic Development

Last week North Carolina topped CNBC’s ranking of Top States for Business for the fifth consecutive year, coming in at number two in the closest-ever finish. Our state ranked just three points behind Virginia.

The coverage of the ranking, and those taking credit for it, dominated our feeds. We couldn’t help but notice that someone was glaringly missing from the media interviews and social posts – businesses.

No single person owns the policies that have resulted in North Carolina’s rise to the best state for business. It is the intentional and hard work of our state’s business leaders with pro-business policymakers that makes this possible. Business investment and private-sector job growth are what create a top state for business.

North Carolina’s business community has been working toward this moment for more than a decade. In 2013, the NC Chamber Foundation released North Carolina Vision 2030 > A Plan for Accelerating Job Growth and Securing North Carolina’s Future.

The executive summary states, “Just because North Carolina is viewed as a leader does not mean we can be complacent. It is as important now as ever to evaluate our current position when it comes to attracting, creating, and keeping good jobs; assess areas for improvement and establish a plan to accelerate job growth, provide a secure future for our state, and preserve the quality of life for all North Carolinians.” As you would expect, it holds true today.

The 40-page plan outlines how to do just that. Divided into three pillars, Education and Talent Supply, Business Climate, and Infrastructure and Growth, the priorities in the pages of Vision 2030 are very similar to the measures that make up the CNBC Top State for Business ranking.

Following its long-term Vision 2030, the business community has championed our right-to-work status, academic standards, and tax modernization, along with diversified funding for the state’s transportation network. Reforms to the unemployment insurance and workers’ compensation systems have been implemented. There has been a significant focus on the tort and civil liability systems and an effort to consistently reform outdated regulations that slow investment and growth. Those are only a few of the priorities that make up the business agenda.

North Carolina’s strong, diverse economy creates opportunity for our communities and the people who live in them. We would be wise to remember that investment is attracted by the business climate and remains where it is treated well. If we forget the businesses making the investments, or even worse take them for granted, they can easily go elsewhere.

Thank you to the business leaders and employees that fuel North Carolina’s success. Without you, these rankings would not be possible. We appreciate the opportunity to advocate on your behalf and we look forward to continuing the work that brought us to this leading position.